(5) Apple insistence on retaining cash points to a risk of the company squandering it on a flawed acquisition.

Now it’s important to note that these are potential catalysts that could drag down the stock – Sacconaghi isn’t saying they necessarily will.

In fact, Sacconaghi currently has an ‘Outperform’ rating on the stock with a $300 price target.

But he’s concerned that since Apple is now the biggest tech company by market cap history isn’t on Apple’s side.

Both Microsoft and Cisco underperformed the Nasdaq upon becoming the largest tech companies by market cap in 1997 and 2000, respectively, Sacconaghi notes.

Apple Too Big?

Discussing the best launch ever for the tech giant, with Toni Sacconaghi, Sanford Bernstein analyst.

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